09:44     NEW WORLD DEV<00017>&NWS HOLDINGS<00659>-J.Ann.&Resume(1)           

    The Stock Exchange of Hong Kong Limited takes no responsibility for       
    the contents of this announcement, makes no representation as to its      
    accuracy or completeness and expressly disclaims any liability            
    whatsoever for any loss howsoever arising from or in reliance upon        
    the whole or any part of the contents of this announcement.               
                                                                              
    New World Development Company Limited                                     
    (incorporated in Hong Kong with limited liability)                        
    (stock code: 0017)                                                        
                                                                              
    NWS Holdings Limited                                                      
    (incorporated in Bermuda with limited liability)                          
    (stock code: 0659)                                                        
                                                                              
    JOINT ANNOUNCEMENT                                                        
                                                                              
    DISCLOSEABLE TRANSACTION                                                  
    Proposed disposal of 31.4% interest in and loans to                       
    Asia Container Terminals Holdings Limited                                 
    and the entire issued share capital of Keen Sales Limited                 
    AND                                                                       
    RESUMPTION OF TRADING                                                     
                                                                              
    The NWD Board and the NWSH Board are pleased to announce that on 4        
    February 2005, NWSH and its indirect wholly owned subsidiary, Sunmall,    
    entered into the Sunmall Share Sale Agreement with the Purchaser          
    pursuant to which (subject to certain conditions) Sunmall agreed to       
    sell and the Purchaser agreed to buy 31.4% interest in ACTH and the       
    Shareholder Loans for a total consideration of HK$1.9 billion. On the     
    same day, NWSH and its indirect wholly owned subsidiary, Hetro, also      
    entered into the Hetro Share Sale Agreement with the Purchaser            
    pursuant to which (subject to certain conditions) Hetro agreed to sell    
    and the Purchaser agreed to buy the entire issued share capital of        
    KSL for a total consideration of HK$1.1 billion. KSL indirectly holds     
    33.34% in CSXWTHK which in turn holds 100% interest in CSXWT 8. CSXWTHK   
    is currently the operator of CT3.                                         
                                                                              
    Upon completion of the Hetro Share Sale Agreement, the Trust Deed will    
    be entered into, among others, by Hetro, RCL and the Purchaser            
    pursuant to which RCL will (among other things) hold the beneficial       
    title and interest in and to the indirect 16.67% shareholding interest    
    in ATL for the benefit of Hetro as if such interests have been retained   
    in their entirety by Hetro such that Hetro will continue to be entitled   
    to all of the economic benefits, rights, beneficial title, interests      
    and be liable for all the obligations therein.                            
                                                                              
    The Purchaser is an independent third party not connected with the        
    directors, chief executives or substantial shareholders of NWD or         
    NWSH or their respective subsidiaries or any of their respective          
    associates.                                                               
                                                                              
    The Disposals contemplated under the Sunmall Share Sale Agreement and     
    the Hetro Share Sale Agreement will constitute a discloseable             
    transaction for both NWD and NWSH under the Listing Rules. Each of        
    NWD and NWSH will issue a circular containing details of the Disposals    
    which will be dispatched to the shareholders of NWD and NWSH as soon      
    as practicable.                                                           
                                                                              
    At the request of NWD and NWSH, trading in their respective shares        
    and the Convertible Bonds was suspended from 9:30 a.m. and 9:31 a.m.      
    respectively on 4 February 2005 pending release of this announcement.     
    NWD and NWSH have respectively applied to the Stock Exchange for the      
    resumption of trading of their shares and the Convertible Bonds with      
    effect from 9:30 a.m. on 7 February 2005.                                 
                                                                              
    Shareholders and potential investors should note that the Disposals,      
    which are subject to a number of conditions precedent, may or may not     
    be completed.  Shareholders and potential investors are reminded to       
    exercise caution when dealing in the securities of NWD and NWSH.          
                                                                              
    SUNMALL SHARE SALE AGREEMENT                                              
                                                                              
    Date  :  4 February 2005                                                  
                                                                              
    Parties                                                                   
                                                                              
    Vendor  :  Sunmall                                                        
                                                                              
    Purchaser  :  the Purchaser                                               
                                                                              
    Vendor's Guarantor  :  NWSH